Mississippi’s fast-track into the Crypto Revolution has started, whether it’s ready or not. Mitchell & Ditta co-founded the bitcoin ATM company 2nd Wave BTM, choosing Hattiesburg, MS a.k.a Hub City as the launching point. confidence is high that the ATM will provide steady cash flow.
Inside T-Bones Records & Cafe in Mid-town Hattiesburg Mississippi, Eddie Jackson is loading several $20 bills into an ATM. For a second, it looks like he’s using the machine incorrectly — bills normally come out of an ATM, not go in — but at second glance it's clear what’s going on: he’s buying Bitcoin!
And he's doing it from a touchscreen ATM machine or rather a BTM - Bitcoin Teller Machine. The machine, operated by Mississippi state-based company 2nd Wave BTM, is an easy way for people to get into the digital currency, "bit by bit," says Bobby Mitchell, 2nd Wave’s Director of Marketing.
Currently, the machine is the first and only Bitcoin ATM in Mississippi.
Mitchell co-founded the bitcoin ATM company 2nd Wave BTM with a hometown friend, Kristopher Ditta, they funded the startup costs themselves, confident that the ATMs would provide a steady cash flow.
“We wanted to put Mississippi on the map for this exploding industry, it's time for everyone to enter the future of currency” says Kris.
Since its inception in 2009, bitcoin’s popularity has climbed steadily due mostly to is notoriety as a emerging asset class. As people began to truly understand the innovation behind the technology, flocks of new investors and speculators flooded the market. However its success is often over shadowed by is challenges. As recently as November 2017 one bitcoin hit an all-time high of nearly $20,000 before sliding back down to its current price of around $6800. Today that's considered a bargain.
Its major selling point is that transactions are encrypted and decentralized, which means it can’t be easily stolen and central banks can’t track the peer to peer exchanges. The asset is also strikingly volatile and can sharply rise or decline from day to day.
“The market never sleeps, crypto currency is a in worldwide market, having no central government control over its fluidity, that’s what makes it such a magnet to those who distrust government,” says Kris co-owner of 2nd Wave BTM.
BTM customers don’t have to buy one whole coin every time — since the currency is digital, it can be broken down into fractional amounts that run as many as eight decimal places, or rather .00150 of a bitcoin if desired, the equivalent of $a few dollars minus a 8% transaction fee.
"It’s very secure, all you need is a digital wallet, an ID, cash and a few taps on the screen, then insto-presto you’re a crypto owner!" said Director of Marketing Bobby Mitchell.
Being anonymous, secure, fast and fun makes buying crypto currencies an adventure. Users can spend in shops, pay bills, send money per-to-peer instantly around the world without the exorbitant transaction fees, pay for services or simply hold as an investment. But critics have dismissed the currency, calling its popularity a get-rich-quick bubble.
Right now, the BTM is buy only, but Bobby said “we believe this location will exceed expectations and anticipate upgrading to a buy and sell machine very soon."
“College students are a lot more aware of bitcoin and how to use it,” says Ditta. Even as bitcoin moves into the mainstream, it lacks the markings of traditional currency (tangible money, brick-and-mortar banks), Therefore having a physical presence like this eases things a bit, they wanted to remove any barriers to entry.
T-Bones was the perfect locations as it is always bustling with activity and owner Harry Crumpler was open to the new addition in his store "I was already getting into cryptocurrency when Mr. Mitchell approached me, and it seemed like a great fit for T-Bones. My experience has been that the security level offered in most cryptocurrency wallets and exchanges far exceed anything I've seen from banks and credit cards. For the world of finance, It could be as big as global internet adoption was."
If you’re in Hattiesburg and want to see what all the buzz is about, stop at T-Bones, have a fresh handmade deli sandwich and give the Bitcoin ATM a try.
